This program is designed to increase commercial tenant occupancy in older buildings in lower Manhattan by encouraging owners to invest in building improvements. The Commercial Revitalization Program (CRP) provides tax incentives through a property tax abatement and a Commercial Rent Tax Special Reduction for nonresidential or mixed-use buildings built before 1975. Your property must be located in a designated abatement zone. You are required to make certain minimum capital improvements to the property to qualify.

BenefitIf you qualify, the owner’s tax bill will be reduced and the benefit will be passed on to you as a reduction in rent. You will receive either a 5 Year or 3 Year Abatement, depending on the lease term.

Lease Term

Abatement Period

Year 1

Year 2

Year 3

Year 4

Year 5

Minimum 3 years less than 5 years

3 Years

Property tax liability or $2.50 per sq. ft. whichever is less

2/3 of initial abatement

1/3 of initial abatement

Abatement Expires

Abatement Expires

5 years or more

5 Years

Property tax liability or $2.50 per sq. ft. whichever is less

Property tax liability or $2.50 per sq. ft. whichever is less

Property tax liability or $2.50 per sq. ft. whichever is less

2/3 of initial abatement

1/3 of initial abatement

Eligibility

LocationEligible buildings must be located in the Title 4 abatement zone: Murray Street and Frankfort Street on the north, South Street on the east, Battery Place on the south, and West Street on the west.

Special Provisions for Fulton Street Hub TenantsIf you were a tenant in the Fulton Street Hub with a CRP Certificate of Abatement and your lease was terminated due to a takeover by eminent domain, you are eligible to receive a second Certificate of Abatement at no cost if you:

Relocate to an eligible location within the Lower Manhattan abatement zone;

Relocate within eighteen months after the first lease ends, or eighteen months after July 26, 2006 (the effective date of the law), whichever is later;

Meet all other CRP eligibility requirements, including expenditure requirements.

Lease InformationThe lease must be a "New," "Renewal," or "Expansion" lease and must begin on or before March 31, 2016. Subleases are not eligible. The lease term is based on the number of employees at the location sixty days after the lease begins. If there are fewer than 125 employees, the lease term must be at least three years. If there are more than 125 employees, the lease term must be for at least ten years.

Eligible PropertiesMust be used for office space, retail stores, or private elementary or secondary schools.

Required Physical ImprovementsImprovements to common areas are required. The minimum cost of improvements varies by the type of lease and number of employees.

Minimum Cost of Improvements

Lease Type

Less than 125 employees

More than 125 employees

New

$5.00 per sq. ft. of net leasable space

$35.00 per sq. ft. of net leasable space

Renewal

$5.00 per sq. ft. of net leasable space if previously occupied

$10.00 per sq. ft. for all applicable net leasable space

Expansion

$5.00 per sq. ft. of net leasable space

$35.00 per sq. ft. of net leasable space

Proof of Improvements

For new and expansion leases, proof of improvements must be submitted no later than 14 months after the start date of the lease (a copy of the invoices of your expenditures and cancelled checks must be mailed along with this form).

For renewal leases, proof of improvements must be submitted no later than 13 months after the start date of the lease (a copy of the invoices of your expenditures and cancelled checks must be mailed along with this form).

Initial Application RequirementsYou must submit a completed Commercial Revitalization Program application within 180 days of the start date of the lease. The application will be denied if received after this date. There are no exceptions. Please refer to the Commercial Revitalization Program Application for instructions and filing deadlines.

Continuing Eligibility - Annual Filing RequirementsTo keep this benefit, you must download and submit a Certificate of Continuing Eligibility form between June 1 and June 30 each year the abatement is in effect. You will not receive it by mail.

View Benefits OnlineBuilding owners may view their current CRP benefit by visiting the Summary of Benefits link. Enter your borough, block and lot numbers and then select CRP/CEP Summary of Benefits. Tenants must use the CRP application number to access information.